Scaramucci Sees Bitcoin Pushing Back Above $100,000 Amid Shallow Bear Market

Anthony Scaramucci, founder of SkyBridge Capital, remains bullish on Bitcoin's prospects despite the current bear market. Speaking at Wyoming's Blockchain Symposium, Scaramucci pointed to three reasons for the stall in Bitcoin's price: miners shifting compute power toward AI, capital fleeing crypto for AI stocks, and the recognition by four-year cycle believers that Bitcoin is approaching the typical end of its bear phase.

The current drawdown of around 55% is historically shallow compared to previous bear markets, which have seen drops of 75-80%, Scaramucci noted. He believes this shallower decline reflects a larger base of net buyers building positions ahead of the next bull phase.

Scaramucci expects Bitcoin to push back above $100,000 and sees the supply-demand differential from the next halving as the more meaningful driver of price action. He does not consider the Clarity Act passing a major catalyst for Bitcoin's price in the near term.